Singapore and Mongolia to Collaborate on Carbon Markets to Advance Climate Ambition

Singapore, 9 June 2023 – Singapore and Mongolia signed a Memorandum of Understanding (MOU) to collaborate on carbon credits, aligned with Article 6 of the Paris Agreement, which allows countries to voluntarily cooperate to achieve emission targets set out in their Nationally Determined Contribution (NDC), while promoting sustainable development and environmental integrity. The MOU was signed by Minister for Sustainability and the Environment Ms Grace Fu and Mongolia’s Minister for Environment and Tourism Mr Bat-Erdene Bat-Ulzii.

2 The MOU will facilitate collaboration on carbon credit projects to support Mongolia and Singapore’s climate ambitions. Singapore is committed to ensure the integrity, quality, and transparency of carbon markets and support the advancement of global climate action. This includes robust and independent accounting, and the avoidance of double counting, including requiring corresponding adjustments. The collaboration will also support sustainable development and bring co-benefits to the local communities and economy.

3 Minister Fu said, “The signing of this Memorandum of Understanding highlights Singapore and Mongolia’s commitment to collaborate on carbon markets, aligned with Article 6 of the Paris Agreement. Such cooperation is critical for countries to advance climate ambition and accelerate climate action.”

4 The Ministry of Sustainability and the Environment will establish an interagency working group with Mongolia’s Ministry of Environment to implement this MOU.

MOU Factsheet
• Singapore and Mongolia signed a Memorandum of Understanding (MOU) for Collaboration under Article 6 of the Paris Agreement.
• The MOU was signed by Singapore Minister for Sustainability and the Environment Ms Grace Fu and Mongolia’s Minister for Environment and Tourism Mr Bat-Erdene Bat-Ulzii.
• The MOU signals Singapore’s and Mongolia’s intent to collaborate on carbon markets, aligned with Article 6 of the Paris Agreement, which allows countries to voluntarily cooperate to achieve emission targets set out in their Nationally Determined Contribution (NDC), while promoting sustainable development and environmental integrity.
• Under the MOU, Singapore and Mongolia will work towards a legally binding agreement that sets out a bilateral framework for the international transfer of correspondingly adjusted mitigation outcomes.
• Singapore and Mongolia will work together to identify potential Article 6-compliant mitigation activities which can support both countries to achieve their respective NDCs.
• Singapore aims to achieve net zero emissions by 2050, and is committed to advancing global climate action through international collaboration with like-minded partners.